Photo Credits Coffeebeanworks via Pixabay
Going into business especially for first-timers can be overwhelming. I have listed below some of the things which must be considered when starting a small business.
Business Name Registration
I think the very first step in doing business is to have a business name. To do this, visit the Department of Trade and Industry (Philippines). You can also inquire online whether your Business Name is available.
Business Plan
A business plan is a detailed blue print of your business. Three important elements that must be present in your business plan. These include your business concept, market, and financial details. Detailed business plans will further discuss these elements as follows: description of the business, competitive analysis, marketing strategies, operations management and general management and financial information.
Let’s face it, many don’t like to go into the process of writing a business pla. However, you must understand that it is not easy to run a business freestyle all the time. You should know what you are doing and know where you are heading. I suggest availing some help from professionals or friends. A written business plan is often required especially if you want to go to the bank or any other financial or government institutions for loans or help.
Business Assistance and Training
Of course, you will not engage in something which you don’t know. While I’m sure you already have in mind on what to do in your business, it would still be wise to get as many help as you can.
You can avail of the free services offered by Government Organizations. In the Philippines, we have the Department of Trade and Industry (DTI). They offer free training and seminar for new and start-ups entrepreneurs. From time to time DTI offers training on the preparation of business plans, they also offer some loans to Small and Medium Entrepreneurs (SMEs). Another government agency which offers technical and financial assistance is the Department of Science and Technology (DOST). Visit the nearest DTI and DOST offices in your locality.
Another government agency which offers technical and financial assistance is the Department of Science and Technology (DOST). Visit the nearest DTI and DOST offices in your locality for more.
Business Location
Selecting a location for your enterprise would depend on the nature of your business.If your business is online, then it doesn’t really matter where you are located. Of course, getting an office or shop in prominent places requires a huge investment and will surely impact on your cost. This is very important to consider especially if the your’s is a small business.
If your business includes retail or anything which requires a good traffic for some daily sales, then getting the best location is a must. When choosing a business location you should always consider putting yourself in the shoe of your customer. It must be a place convenient for them.
Since prime locations are really expensive, a thorough planning is really required. If you are not good with numbers, I suggest hiring a financial expert to help you analyze of the financial feasibility of your business.
Another thing, be mindful of the zoning laws. Is your business allowed in the place? Of course, you don’t want to invest on your building and later on get to stop operating because you are not allowed to operate in certain areas.
Finance Your Business
For startups, I suggest starting small. Unless you have more money to gamble then you can start big right away. This is again another purpose of having a good business plan. Let’s face it, even with the presence of a good business plan, there are still chances of failing.
If you see your business and ideas are working, then you can avail of any financial loans from some entities like banks. Government agencies like DTI and DOST offer loans at a low interest and sometimes no interest at all.
Legal Structure of Your Business
Decide what kind of ownership best fit you. One can choose between being: single proprietorship, partnership, corporation, cooperative. We will be posting the details of these soon.
Business Permits
Register with your city or municipality for your business permit; Bureau of Internal revenue (BIR) to get a tax identification number and the Department of Labor and Employment (DOLE) for the workers’ compensation. Other permits needed will be given to you the moment you inquire for a business permit in your locality.
Know Your Responsibilities As Employer
If you are a small business or just starting small and doesn’t have the budget to hire a Human Resources Specialist, then you should start learning the legalities of managing people. Common things you should learn in advance include The minimum wage, overtime pay, premium pay, holiday, etc.
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Employees, or people, are the most valuable resource in any organization. Having the right people who fit and are qualified for every position in the company is critical because their efficiency and talent will determine the company's growth and success. Customers may believe that a business is unconcerned about their needs if an employee performs poorly, and they will seek help elsewhere that will result to the failure of the business.
Ramon Artesano BSIT3-C2
The importance of having a right people in starting a business?
Is they can help you make your business grow and When you hire the right people you can focus on running your business , rather than wor rying about whether employees are gettng the job done. Ralph Tarre Jr. 3C2
To have a successful business, you must start small and dream big. Business is making income profit per capital, also business come in different aspect or forms; it's might be goods or services in order to gain and target a mutual benefit and to satisfy society's needs and wants. Starting a small business is not an easy task . Whether you’re doing something as a simple tasks numerous challenges might happen it kinda trial and error. First you need to do some research regarding on how to manage a business effectively. Second make a business plan under this is your gaol, your target, budget and ect. Think a product or service that it is in demand and can satisfy rather that sustain to the needs and wants of the consumers. Third promote your own business and believe on the quality of your product. And always remember don't lose hope, be positive cause you have a part where you have something bigger so trust the processTo be a successful business, you must start small and dream big. Business is making income profit per capital, also business come in different aspect or forms; it's might be goods or services in order to gain and target a mutual benefit and to satisfy society's needs and wants. Starting a small business is not an easy task . Whether you’re doing something as a simple tasks numerous challenges might happen it kinda trial and error. First you need to do some research regarding on how to manage a business effectively. Second make a business plan under this is your gaol, your target, budget and ect. Think a product or service that it is in demand and can satisfy rather that sustain to the needs and wants of the consumers. Third promote your own business and believe on the quality of your product. And always remember don't lose hope, be positive cause you have a part where you have something bigger so trust the process.
-Dioneo,Clark Vin BSIT 3-C1
JOE-ANN GRACE B. HILARE BSIT 3C2
The importance of having the right people in a business is very crucial. Having them in your team for starting a business is just essential as having a prominent idea in order for the business to succeed. As a employer its difficult to find but you need to be picky when choosing the right people and deserving to be part of your business. At last, it's the right people that build a business successful.
For me this article helps a lot, because sometimes I found myself thinking to start a business. This article show's every crucial step for building a business in a proper and effective way giving the idea on what to do, as said in the article even you are an entrepreneur you will always need some sort of help like assistance or training, there's always a room for new knowledge.
Hiring the right person/s on the business will move the business in a positive direction and will become more successful in the future it has big chance that your business lift. Owner have the ability/right to be picky when choosing candidates who he/she feels right for positions because her/his employee is one of the key to have a successful business. It is also important because that "right" person knows what his doing and what she/he gonna do on a work place.
GARCIA, ABEGAIL BSIT 3-C2
The importance of having the right people is that if you have the right people for the right job it serves a best costumer service experience. it also grants time management, with the right people you will have no worries if they had finish the work late or on time. and lastly hiring the right people can save you money because they get the job done right and clean in just a short time and they may also get a tip for having a fast service.
Paolo Miguel S. Samson BSIT3-C2
The importance of having the right people in your business is that quality personel or right people will aid in the operation and growth of your business. It's criticql to hire the right people for your company, no matter what industry you're in. Also recruiting and retaining elite personels or people, on the otherhand, can be a difficult undertaking.
It is very important to choose or to be with the right people in starting a new business to lessen failures and to avoid scams. TRUST ,yes in our situation today it is necessary to choose the right people you can trust and rely your business.There's a person who stay even if you have nothing but there's also a person who will bring you down, so choose the right one.And every decisions we've made has a different results . Being with the right group of people can help the business grow successfully.So choose WISELY, your life depends on it.
I have learned many things in this article. Starting a business is not easy but if you have the right people, your business will be successful. Getting information from seminars for new and start up entrepreneurs will give you more knowledge on how to handle your business. If you have the right people in your business, it will be easy for you as the owner because they already have the basic knowledge on what to do. (BSIT3-C1)